IGD sells the mall of the Fonti del Corallo Shopping Center in Livorno to a Private Real Estate Fund managed by BNP PARIBAS REI
14 Februar 2014 - 8:39AM
Italian Regulatory (Text)
PRESS RELEASE IGD SIIQ SPA SELLS THE MALL OF THE "FONTI DEL
CORALLO" SHOPPING CENTER IN LIVORNO TO A PRIVATE REAL ESTATE FUND
MANAGED BY BNP PARIBAS REIM
Bologna-Milan, 14 February 2014 - Yesterday IGD - Immobiliare
Grande Distribuzione SIIQ S.p.A. signed a preliminary agreement for
the sale of the mall in the "Fonti del Corallo" Shopping Center in
Livorno to a private real estate fund managed by BNP Paribas REIM
Sgr, advised by CBRE.
The sale of the property which covers approximately 7,300 m should
close by 28 February for consideration of 47 million. After the
closing, IGD will continue to own the business division that
manages the mall along with the relationships with tenants and will
lease the property based on a long term lease. This agreement will
make it possible for IGD to keep the network of the shopping
centers managed unchanged. Fonti del Corallo in Livorno is of
primary importance to this network as it is located in a region of
particular interest to the Company's business and also includes an
Ipercoop with a sales area of approximately 8,500 m which IGD will
continue to own.
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"The sale of the mall found in the Le Fonti del Corallo Shopping
Center to a primary institutional investor looking for consistent
long term returns is in line with the disposal program outlined in
the 2014-2016 Business Plan designed to optimize our financial
structure", Claudio Albertini, Chief Executive Officer of IGD SIIQ
S.p.A. commented. "The value of the sale is in line with the
estimated fair value of the independent appraiser at 30 June 2013
which confirms the work we have done over the years to maintain the
high quality of our freehold assets".
The Le Fonti del Corallo Shopping Center
Found in a region that is known for shopping and entertainment, Le
Fonti del Corallo is the only modern retail shopping structure. It
is found in Porta a Terra, just a few minutes from the historic
heart of Livorno, in a region with approximately 352,000 residents.
The mall covers 7,313 m2 and has an Ipercoop hypermarket of
approximately 8.500 m2. The merchandising mix of the 55 points of
sale, which includes two mid-size stores, is comprised of apparel,
footwear, restaurants and personal services. The center also has
ample parking with 1,600 parking spaces.
IGD - Immobiliare Grande Distribuzione SIIQ S.p.A.
Immobiliare Grande Distribuzione SIIQ S.p.A. is one of the main
players in Italy's retail real estate market: it develops and
manages shopping centers throughout the country and has a
significant presence in Romanian retail distribution. Listed on the
Star Segment of the Italian Stock Exchange, IGD was the first SIIQ
(Società di Investimento Immobiliare Quotata or real estate
investment trust) in Italy. IGD has a real estate portfolio valued
at circa 1,895.9 million at 30 June 2013, comprised of, in Italy,
19 hypermarkets and supermarkets, 19 shopping malls and retail
parks, 1 city center, 4 plots of land for development, 1 property
held for trading and an additional 7 real estate properties.
Following the acquisition of the company Winmark Magazine SA in
2008 15 shopping centers and an office building, found in 13
different Romanian cities, were added to the portfolio. An
extensive domestic presence, a solid financial structure, the
ability to plan, monitor and manage all phases of a center's life
cycle: these qualities summarize IGD's strong points.
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www.gruppoigd.it BNP Paribas REIM SGR p.A. is an Italian fund
distribution company formed on 14 October 1998, with registered
offices and headquarters in Milan, Via Carlo Bo, 11 and offices in
Rom, Via di San Basilio n. 45. The purpose of BNP Paribas REIM SGR
p.A. is to provide investment management services through the
promotion, creation and organization of proprietary and third party
real estate investment funds. Pursuant to the Bank of Italy's
provision of 8 September 1999, the Company was authorized to
provide investment and asset management services in accordance with
Art. 33 of Legislative Decree n.58 of 24 February 1998 and
registered as n. 58 in the Registry of Asset Managers held by the
Bank of Italy in accordance with Art. 35 of the above mentioned
Legislative Decree 58/98. The share capital amounts to 10 million,
entirely paid-up and subscribed. The Company is subject to the
management and coordination of the sole shareholder BNP Paribas
S.A., with registered offices in Paris, Boulevard des Italiens n.
16.
The press release is available on the website www.gruppoigd.it, in
the Investor Relations section, and on the website
www.imagebuilding.it, in the Press Room section.
CONTACTS INVESTOR RELATIONS IGD CONTACTS MEDIA RELATIONS IGD
CLAUDIA CONTARINI Investor Relations +39 051 509213
claudia.contarini@gruppoigd.it
IMAGE BUILDING Cristina Fossati, Federica Corbeddu +39 02 89011300
igd@imagebuilding.it
ELISA ZANICHELI IR Assistant +39 051 509242
elisa.zanicheli@gruppoigd.it
Press contacts BNP Paribas Real Estate Gabriele FRONTONI Tel: + 39
02 58 33 1472 M: + 39 334 60 97 979
gabriele.frontoni@bnpparibas.com
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